SAEL Secures $132M for Andhra Pradesh Solar Project.

SAEL Solar MHP1, a subsidiary of the prominent renewable energy developer SAEL Industries, has successfully secured $132 million in debt financing from a consortium of three global financial institutions. The funding, earmarked for the development of a significant solar power project in Andhra Pradesh, comes from the Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale.

Each of the three institutions has committed an equal share of $44 million in debt funding towards the project. SAEL Industries confirmed that the project was awarded through a highly competitive auction process conducted by the Solar Energy Corporation of India (SECI), underscoring its viability and strategic importance.

According to SAEL Industries, the substantial investment will be exclusively utilized for the execution and operationalization of the solar power facility. This funding is critical for advancing India’s ambitious renewable energy objectives and further bolstering the clean energy infrastructure within the state of Andhra Pradesh. The successful financial closure of this project highlights increasing international confidence in India's green energy sector and its potential for sustainable growth.